Samsung Q3 Earnings Drop Despite Record Smartphone Sales
Apparently this just isn’t a good year for Samsung. While it continues to battle Apple in courts all over the world, Samsung revealed its Q3 earnings, and although there is some good news, there’s also some disturbing news.
The good news? Samsung’s smartphone sales doubled to $2.3 billion over this time last year, and have accounted for 60% of the company’s total profits. Still, that wasn’t enough to prevent a 13 percent drop in the company’s overall profits. Most of the losses came in its chip production, one of Samsung’s largest businesses. This could be attributed to the souring relationship between Samsung and Apple, which has resulted in Apple largely moving away from Samsung-based chips in iOS devices.
Maybe this means Samsung will begin investing substantially more in what outperformed expectations – its smartphone business. Oh, and did we mention that business is largely Android-based? Just sayin’.